DC Master Trust League Table 2024 ~ H1
We are pleased to share the first Go Pensions’ DC Master Trust league table of 2024.
Featuring key metrics from the ‘commercial’ master trusts, the latest update reflects the position at the 2023 year-end.
This table includes the master trusts that are available, in principle, to all employers as a commercial proposition. We have excluded industry specific master trusts, or those available only to certain groups of employers.
| Master Trust | FUM | Previous FUM (H2 2023) | No Members | No employers |
|---|---|---|---|---|
| Aegon | £4,159,000,000 | £3,880,000,000 | 178,395 | 47 |
| Aon Master Trust | £5,500,000,000 | £4,400,000,000 | 182,000 | 44 |
| Aviva Master Trust | £9,960,000,000 | £8,580,000,000 | 478,434 | 459 |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 |
| Cushon (includes figures for the Workers Pension Trust and Creative Pension Trust) | £2,200,000,000 | £1,920,000,000 | 547,500 | 21,570 |
| Fidelity Master Trust | £7,100,000,000 | £6,000,000,000 | 165,488 | 161 |
| Legal and General | £25,052,287,714 | £21,713,316,677 | 1,836,281 | 294 |
| LifeSight | £17,000,000,000 | £16,500,000,000 | 360,000 | 42 |
| Mercer Mastertrust | £7,300,000,000 | £7,100,000,000 | 234,000 | 73 |
| Nest | £36,800,000,000 | £30,000,000,000 | 12,800,000 | 1,000,000 |
| NOW: Pensions | £4,400,000,000 | £3,800,000,000 | 2,200,000 | 30,000 |
| Options * | £400,000,000 | £400,000,000 | 240,000 | 4,200 |
| Scottish Widows | £2,535,285,347 | £1,943,152,575 | 125,770 | 37 |
| The SEI Master Trust (current FUM includes figures for the NPT Master Trust) | £4,000,000,000 | £2,100,000,000 | 230,000 | 316 |
| Smart Pension (current FUM includes figures for the Crystal Master Trust, being incorporated with SPMT in 2024) | £4,976,000,046 | £3,328,000,000 | 1,388,990 | 92,129 |
| Standard Life | £8,812,875,509 | £6,299,009,766 | 278,493 | 1,215 |
| The Lewis Workplace Pensions Trust | £71,000,000 | £66,000,000 | 15,326 | 210 |
| The Peoples Pension | £25,000,000,000 | £20,000,000,000 | 6,500,000 | 100,000 |
| The Pensions Trust (TPT) | £3,100,000,000 | £2,490,000,000 | 343,984 | 2,395 |
* Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.
Following on from our previous master trust league table, the data above reflects the consolidations of National Pensions Trust into SEI and Evolve Pensions into Smart Pension.
Assets continue to grow, employer moves remain modest
There was a significant increase in the assets under management with total assets now exceeding £160 billion. It’s unsurprising that SEI and Smart Pension have seen the sharpest proportional rise in assets. SEI’s assets under management having doubled over the past year thanks to their acquisition of NPT.
However, the increase in the number of employers moving to master trust has remained modest. As we expected, we continue to see a slow down in the the number of employers moving to master trusts from our earlier league tables. This trend makes us think about the results we’ll be publishing towards the end of the year.
We predict this slower pace will continue in a busy industry where sponsors may have to prioritise their response to new and increasing guidance, particularly with the release of TPR’s new general code. Let’s watch this space…
Innovation, innovation, innovation
In the Go Pensions DC Master Trust Report 2023, we shared the findings from our survey in relation to proposition development. We observed that there was a clear cohort of master trusts that were true innovators. This continues to be the case.
During the last six months we have been lucky enough to deep dive into a number of DC master trusts. It is clear that innovation continues.
Amongst other things, providers are using artificial intelligence (AI) to better serve members. Whether that is to triage the work coming into the contact centres, or using voice recognition for call monitoring, it is all in pursuit of improved customer service. This supports one observation made by master trusts as part of our 2023 master trust report that administration service is one of the top priorities for their clients.
We are also excited to see some dynamic approaches to investment management – with rewards being reaped for members. And continued improvement in member technology too, with a focus on an individual’s holistic financial health and wellbeing. All contributing to better member outcomes.
If this sounds of interest to you and you would like to hear more about what are seeing in the market, contact Tina on 020 8213 5860.